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October Lean Hogs Closed up Wednesday

4 September 2014, at 8:25am

US - October lean hogs closed up $1.50 at $101.37 Wednesday.

Prices closed near the session high and hit a four-week high.

Bears have the slight overall near-term technical advantage. However, the bulls are now making a strong move, and following the cattle futures.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $103.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $98.00. First resistance is seen at today’s high of $101.45 and then at $102.00.

First support is seen at $101.00 and then at $100.00.

Wyckoff's Market Rating: 4.5